The outlook for home sellers in Berks County looks positive because of a very low inventory and a strong job market.
This trend is on par with the rest of the country, where, according to CNBC, home values recently hit a record high and continue to climb as demand easily outpaces the supply of homes for sale.
The average sales price in Berks County is slightly under $200,000. Millennial first-time homebuyers and downsizing retirees are the primary segments buying homes in this price range.
Realtors say Berks is ending the year in a seller’s market. There is very low inventory in the county, and good houses are hard to find.
They predict that 2018 will follow course, especially when you consider low interest rates will allow buyers to afford more house.
There isn’t a crystal ball, but experts forecast 2018 interest rate increases will be nominal and not hurt home sales.
OPEN FLOOR PLAN
The average homebuyer’s focus is fairly consistent, and it includes a well-maintained home. Most buyers want a more open floor plan with a large family room opening to the kitchen.
Formal dining rooms are not on the wish lists for most buyers, and they want their eating space incorporated into the open kitchen.
The age and upkeep of big-ticket items such as the roof and furnace, energy efficiency and utility bills are large deciding factors, too.
MILLENNIALS IN THE MIX
The young buyer, who is different, will critique how move-in-ready the home is with an eye toward an updated kitchen and bathrooms.
This generation is not keen on making home improvements and wants to spend its weekends having fun and not raking leaves.
Like the downsizers, young buyers will evaluate the amount of yardwork, shoveling and overall maintenance required.
Technology is extremely important to them. They want to hear about the strength of wireless and mobile signals and the existence of a Nest thermostat – not cable and telephone.
WHEN TO JUMP
You can’t time the market. Real estate is cyclical, and if you try to wait for the perfect time, you’ll probably miss out.
As we know, buying and selling a home can be stressful. There are many factors that go into this large financial transaction.
Overall, if you are thinking of putting your home on the market, now may be a good time, given the low inventory. If your house is priced to sell versus comparable sales, it will sell.
Buyers, remain patient; your dream home is out there. It will be worth the wait.
Kelly Spayd is a Realtor with Coldwell Banker Residential Brokerage, Wyomissing, with more than 12 years in the business. She can be reached at 610-373-9900 or firstname.lastname@example.org.